He predicts that during the next decade, stocks will return about 7 percent a year — not bad historically.

Bogle notes that Business Week in 1979 made the same argument as Gross has been making — right before the start of a two-decade-long bull market.

“If the culture of equities is dead, it’s much more likely to indicate a great buying opportunity more than anything else,” he adds.

However, Bogle isn’t predicting a long-run bull market.

“I see a normal equity outlook with slightly lower returns, and not many places to hide, especially in the bond market,” he says.

But, despite the uncertainty globally, he adds,” you can’t stay out” of the markets.

He explains that most investors should focus on “intelligent asset allocation between stocks and bonds with a little less emphasis on Treasurys.”

Global shares declined from 3.5-month highs on Wednesday, as shares fell in Japan after the country said exports plunged and amid investors’ concern the European Central Bank might not act to heal the eurozone’s debt crisis, Reuters reported.

Shares in London, Paris and Frankfurt were all lower in early trading as Greek Prime Minister Antonis Samaras prepared to meet with the head of the eurozone finance ministers, Jean-Claude Juncker.